LOTR fans have released "The Hunt for Gollum". The trailer is excellent, the movie is even better. Director and Executive Producer Chris Bouchard also wrote the score for yet another great fan film: "Star Wars Revelations". Since "The Hobbit" is now delayed until at least 2012 perhaps Chris and team might think about starting it !
Here are a few links to other fan fiction movies and shows.

Fan fiction indie movies are pretty much ready to replace Hollywood and TV. I'm sure the new Star Trek movie will be excellent and worth the $10 ticket. I'm also sure that these fan movies are worth a lot more than $0. Let's hope the movie moguls will recognize the value and start allowing fans to make a little money, at least enough to cover their expenses. Or how about offering a 50% cut to the fans in exchange for unlimited licensing? Most fans would gladly take that deal.